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Oil & Gas

Trinity job restructuring sees senior exec go

23/09/2015

The chief operating officer of Trinity Exploration & Production will step down from his role as the company makes a number of redundancies following the low oil price. Craig McCallum will leave his position at the end of March next year as the company makes a number of management changes. Trinity said a redundancy programme has been implemented as it assesses its current funding position in the low oil price environment.

Oil & Gas

Total cuts oil output target as low prices expected to persist

23/09/2015

Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend. Total expects to produce 2.6 million barrels of oil equivalent a day, compared with a previous forecast of 2.8 million barrels a day, the company said Wednesday before holding an investor day in London. The measures are a sign that oil majors are extending their belt-tightening into next year and 2017 after companies from Chevron Corp. to Royal Dutch Shell Plc announced large spending cuts for 2015.

Oil & Gas

Kurds lose fight to sell crude oil in US after Iraq sues

22/09/2015

Iraq’s self-governing Kurds can’t sell Iraqi crude oil in the U.S. under a court decision that puts a fresh hurdle in the path of Kurdish efforts to achieve financial independence from the central government in Baghdad. The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed an attempt by the Kurdistan Regional Government to overturn a judge’s earlier decision against its planned sale of oil to an unidentified buyer in the U.S. The KRG’s eventual sale of the disputed cargo in Israel made the appeal moot, the court said in a ruling.

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